WEMIX Play Completes Successful Migration to the WEMIX3.0 Mainnet

Bitmain Pays Employees Following Salary SuspensionBitmain, the Beijing-based Bitcoin mining equipment manufacturer, has somewhat resolved its cash flow issues, having recently suspended employee salaries in response to ongoing financial struggles and sluggish progress in its mining operations.Photo by Thought Catalog on UnsplashCash flow challengesNews of the payment issue emerged via employee reports online on Monday. The suspension encompassed both performance-based and basic wages, affecting all Bitmain personnel. The dire situation has marked a critical juncture for the ASIC manufacturer, which once held a commanding 70% share of the global Bitcoin mining machine market.Chinese crypto reporter Colin Wu had also outlined the firm’s difficulties on social media. In a subsequent post on X (formerly Twitter), Wu stated:”On the afternoon of October 7, Bitmain has repaid September wages, and stated that it only did not pay the performance salary of some people. It has also been repaid, and the basic salary has been released normally on September 30.”More recent reports by local news media in China indicated that the firm has proceeded to pay part of its staff salaries.Internal conflictsBitmain’s financial woes are not new. The company has been plagued by internal conflicts between its co-founders, Wu Jihan and Zhan Ketuan, resulting in a debilitating power struggle that severely eroded its market dominance. Earlier efforts to restore financial stability included a restructuring of employee compensation in the first quarter of this year. Under this reform, the original fixed salary was divided into a basic salary and a performance-based component linked to rank.Regrettably, these measures have proven insufficient to reverse Bitmain’s fortunes. In a company announcement issued in September 2023, Bitmain acknowledged that its operating cash flow had plunged into negative territory, and the performance of its mining machines fell short of expectations.Consequently, the company suspended employee salaries, with the prospect of resuming payments contingent upon developments after the October 7 holiday.It emerged in April that the firm had been fined for tax code violations in China.Core Scientific dealIn August, Bitmain explored the possibility of acquiring an equity stake in Core Scientific, a prominent North American crypto-mining company, as part of Core Scientific’s bankruptcy restructuring plan. This proposed agreement, pending final documentation and court approval, entails Bitmain acquiring 27,000 S19j XP Bitcoin miners from Core Scientific.The Core Scientific deal represents a potential lifeline for Bitmain. Nevertheless, the suspension of employee salaries underscores the prevailing uncertainty surrounding the company’s future. Whether the completion of the Core Scientific transaction will usher in the much-needed financial turnaround for Bitmain remains uncertain as the company grapples with its ongoing financial challenges.Bitmain’s decision to suspend employee pay highlights the gravity of the situation and the urgency of finding a sustainable solution to its financial woes. The outcome of the Core Scientific deal could determine Bitmain’s fate as it strives to regain its once-dominant position and secure its financial stability. In the meantime, the firm continues to develop the latest generation of Bitcoin mining equipment.

Bitcoin mining company Bitdeer Technologies Group is finally set to go public on the Nasdaq this Friday after a series of delays. The Singapore-based firm, which offers cloud mining services, has been in a special purpose acquisition company (SPAC) merger process with Blue Safari Group. Drawn-out merger processBlue Safari Group filed for three extensions within six months last year, the last extension being a year long. The deal was originally expected to close in November 2021. The stopping block for the latest extension was insufficient time to get shareholder approval. However, Bitdeer Technologies Group revealed in a statement that shareholder approval has now been filed with the SEC.The merger was finally approved at an extraordinary general meeting of Blue Safari’s shareholders on April 11. The results of the vote will be included in a current report on Form 8-K to be filed by Blue Safari with the SEC. The deal is expected to close on April 13, 2023. Upon closing, Bitdeer Technologies Group will remain as the combined company, and its shares will begin trading on the Nasdaq under the ticker symbol “BTDR” on April 14.Bitdeer CEO Linghui Kong said, “Today marks a significant milestone for Bitdeer, leaving us poised to list on the Nasdaq and equipped to seize the growth opportunities ahead of us. I am incredibly proud of what we have achieved so far and look forward to embarking on the next chapter of our journey.” The firm operates six mining data centers globally, with an aggregate electricity capacity of 775MW at the end of 2022. Surviving crypto winterBitdeer Technologies Group, backed by Bitmain founder Jihan Wu, offers cloud mining services, and is participating in a market that has been impacted by market volatility. However, miners that have survived are doubling down on expansion efforts. Yesterday, for example, the U.S. mining firm CleanSpark announced the purchase of 45,000 new mining machines for $144.9 million.Bitdeer will be part of a growing list of Bitcoin mining firms listed on Nasdaq, joining the likes of Riot Blockchain, Marathon Digital, and Canaan. Green miningRecently, the cryptocurrency mining industry has witnessed significant growth in green mining efforts. Terawulf, a US-based company, recently announced that its nuclear-powered mining facility, Nautilus, will come online soon. When fully operational, Nautilus is expected to have a hash rate of 1.6 exahashes per second (EH/s). The facility will run on nuclear power, which will significantly reduce the carbon footprint of the mining operations.The energy-use of crypto mining has been coming under scrutiny relative to its carbon footprint and the demands it places on the power grid. In what many in the crypto space have called a “hit piece” targeting mining, the New York Times took aim at the industry on Monday. Bitdeer took to Twitter to call out false claims made by the publication relative to its use of energy during a 2021 winter storm.Bitdeer’s journey to becoming a publicly-traded company has been fraught with delays, but with shareholder approval in place, the company is ready to enter the public markets.

3AC Founder Secures Restraining Order in SingaporeSu Zhu, the Co-Founder of the defunct crypto hedge fund Three Arrows Capital (3AC) has successfully obtained a restraining order against BitMEX Co-Founder and former CEO, Arthur Hayes, in a Singaporean court.Photo by Monstera on PexelsNo communication “by any means”Crypto publication CoinDesk stated on Wednesday that it had seen a copy of the court order, which was originally issued on May 5. According to the details of the order, Hayes is prohibited from “making any threatening, abusive or insulting communication that would cause the Applicant harassment, alarm or distress.”Additionally, the former CEO of crypto trading platform BitMEX is forbidden from using “threatening, abusive or insulting words” in relation to Su Zhu. The order, which was issued by Judge Sandra Looi Ai Lin, clarifies that the BitMEX Co-Founder is not permitted to publish “any identity information” relative to Zhu or to communicate with him “by any means.”$6 million owedIt’s an understatement to say that Zhu, alongside fellow 3AC founder Kyle Davies, are not on Hayes’ list of favorite people in recent times. Following the 3AC collapse, Hayes has maintained that he is owed $6 million by the duo. Since the collapse of the hedge fund, Hayes has been tweeting out at the pair, calling them out relative to his claim that the duo have a debt obligation to him to the tune of $6 million.While both Hayes and Zhu have blemishes on their records, Hayes is much better regarded within the crypto community than Zhu. The BitMEX Co-Founder narrowly avoided a prison sentence in 2022 with the much lesser sanction of six months home detention being applied. That arose due to federal charges brought against him on the basis that he didn’t implement anti money laundering (AML) compliance procedures and checks at BitMEX while he was CEO of the firm.Despite this failure, Hayes remains popular within the crypto space, with his insightful commentary being lauded given that since he left BitMEX he has taken to writing blog articles relative to crypto and the broader economic situation. However, blog site Medium has taken to disabling access to his most recent blog article. The blog page states that the post “is under investigation or was found in violation of the Medium Rules.”Lacking a welcomeIn contrast with Hayes, commentary relative to the 3AC duo of Zhu and Davies has lacked warmth. Neither of the duo had jumped on social media for a number of months following the collapse of 3AC. More recently they have both tried to rehabilitate themselves, with many commentators within the space seeing it as a cynical move.In February the duo launched Open Exchange, more commonly known as OPNX, a trading platform for crypto-related bankruptcy claims. At that time, Hayes tweeted out that he interpreted the news as the return of the crypto bull market.Earlier this month, OPNX claimed that it had the backing of several credible entities in the crypto space. However, immediately afterwards, a number of those firms clarified that they had nothing to do with the startup.Meanwhile, crypto-focused venture capital investor Michael Arrington tweeted out his disdain in relation to the 3AC founder’s successful fund raise:“Three f***ing arrows dip****s successfully raising a new fund is the saddest bulls**t I’ve heard in a long time.”The regulator in Dubai has also failed to roll out the red carpet for the duo’s new venture. In April, it issued an investor alert in relation to OPNX. Subsequently, it has followed up with a formal written reprimand issued to Zhu and Davies, given that the business is not registered with the regulator although operating out of Dubai.